Bitcoin is the most popular cryptocurrency on the market right now, which seems to largely due to the fact that it basically established the industry. According to Bart Smith, who is in charge of digital asset trading for Susquehanna International Group, it is still the best way for investors to invest with crypto because people are “functionally using” it.
Smith appeared on “Fast Money” on July 10th, saying,
“If you want to own the asset that you can actually use today, and that people are functionally using, it’s bitcoin.” He also stated, “The use case for bitcoin is valid today, which is the currency of the internet.”
When based on the market cap, Bitcoin is presently the largest cryptocurrency in the industry. Unfortunately, it has been just as scrutinized as other tokens, since there has been so much confusion and changes to crypto recently.
Regulators around the world are trying to figure out the best way to use digital assets as currency, and most countries have yet to make a solid decision. The only certain regulation established is that neither Bitcoin nor Ethereum are considered securities at this point.
Bitcoin announced the sale of their futures last year, and many consumers were “excited” about the next steps with Bitcoin. Regarding this sale, Smith said,
“They got really excited about all these other tokens and use cases. And all of the sudden you saw all of these smaller tokens, as people got excited about them, massively outperform. We got way ahead of ourselves.” He continued, “If you’re looking at these other use cases, smart contracts, or lightning network or these different technological advancements, I think people are coming to realize, those things are very difficult and aren’t coming anytime soon.”
Once the situations that Smith highlighted is the way that many investors transfer their funds between countries. Bitcoin is ideal for this, since there’s minimal fees and no concerns about changing the form of the currency like with fiat funds.
Smith does not agree with the use of fiat funds for major transfers like that, which seems to be mainly based on all of the restrictions involved. He said,
“They use Western Union, traditional banks; It is slow, and it is expensive. And there are people that can stop you from sending that money, whether that's good or bad. With bitcoin, I can send money. It's fast. It's cheap. And frankly, no one can stop me.”
As of July 10th, in the evening, Bitcoin was valued around $6,300, though it fell way below $6,000 last month. At its highest, which was in December 2017, it was priced at $19,500.